There are many forms to file income tax return. The form has to be selected on the basis of source of income, total taxable income, origin of asset (domestic or foreign) etc.
Income Tax Return Filing FY22: The last date for filing Income Tax Return for the assessment year 2022-23 or FY 2021-22 is July 31, 2022. Several ITR forms have been made available to the taxpayers for income from various sources. In such a situation, it is important for the taxpayers to know which ITR form is right for them.
There are many forms to file income tax return. The form has to be selected on the basis of source of income, total taxable income, origin of asset (domestic or foreign) etc. The Central Board of Direct Taxes (CBDT) has notified seven forms of ITR. These include ITR-1 to ITR-4 for individual taxpayers. Let us know about them in detail.
ITR 1 Form or Sahaj
If you are employed and your total income in the financial year 2021-22 was up to Rs 50 lakh, then you have to use this form. People getting pension will also have to use the same form. You have to choose this form even if you get interest from bank deposits, income from house in the form of rent. If your agriculture income is Rs 5000 then you have to use ITR-1.
ITR 2
For those whose income exceeds Rs 50 lakh during the financial year 2021-22 and income from sources other than salary income, then you will have to use ITI-2. Other sources include income from capital gains, income from more than one house property, foreign income, foreign assets, income on becoming director in the company and income from unlisted shares.
ITR 3
This form is for those people who have income from any business or profession along with getting income from the sources specified in Form-2. Even if you are a partner in a firm, you have to use ITR-3. This includes individuals or Hindu Undivided Families (HUFs) who have income from business or any other profession. Partners in a company can also use this form.
ITR 4
This form is for Resident Individuals, HUF and Firms (Except LLP) having total income up to Rs 50 lakh and also having income from business and profession. If you are a pensioner in the form this year, then you have to tell whether you get pension from the central government or from the state government. You should fill the form carefully in filing income tax return. Giving wrong information in the form can cause problems for you.
ITR 5 and ITR 6 Form (ITR 5 Form, ITR 6 Form)
These two forms are not for individual taxpayers. ITR 5 form is for partnership firm, business trust, investment funds etc.
ITR 6 is for those companies which are registered other than section 11.
ITR 7 Form
ITR 7 Form: This form is for those taxpayers, including companies, which are charitable or religious trusts, political parties, research associations, news agencies or similar organizations under the Act.
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